Individual insurance products refer to insurance policies that provide coverage for a single person or individual, rather than a group or organization. These products are designed to provide protection and financial security to individuals against specific risks such as illness, disability, and death or for specific assets owned by them such as motor, bike, home, etc.
Examples of individual insurance products include health insurance, life insurance, motor insurance, home insurance, travel insurance, personal accident insurance, cyber insurance etc.
Overall, individual insurance products are designed to provide financial protection to individuals and their families in the event of unexpected events and help individuals manage risk and maintain financial stability.
Private Car Insurance is also known as Motor Insurance. The primary objective of Private Car Insurance is to provide financial protection to the vehicle owner against:
Vehicle insurance may additionally offer financial protection against
(i) Deliberate destruction or damage of the vehicle,
(ii) Weather or natural disasters, and
(iii) Damage sustained by colliding with stationary objects
Types of Private Car Motor Insurance Coverages
As per the Motor Vehicles Act, of 1988, it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties because of accidental death, bodily injury, or damage to property.
Package or Comprehensive Policy: Some Add-On Products with Private Car Insurance
1. Depreciation Reimbursement
In this coverage, the amount of deprecation deducted on the value of parts replaced is covered under its own damages claim. Depreciation Reimbursement offers a full claim without any deduction for depreciation, on the value of replaced parts which otherwise have to be borne by you.
2. Daily Allowance
Daily Allowance offers to pay a fixed sum towards a hired transport which you may need to take while your vehicle is under repair for a valid claim and repair time for a few days. Exclusions: Arising out of only windscreen or any other glass damage.
3. Return to Invoice (RTI)
In this coverage, the financial shortfall between the amount you receive for loss or damage to the vehicle and the purchase price of the vehicle as confirmed in the invoice of sale OR the current replacement price of a new vehicle in case the same make/model is available, whichever is less, is covered under total loss. The insurance company will also pay the first-time registration charges and road tax which was incurred by you on this vehicle.
4. No Claim Bonus Protection Cover
If you file for a claim, then you forego your ‘No Claim Bonus’. But with no claim bonus protection cover you get the benefits from certain claims even while retaining a ‘No Claim Bonus’ if such a bonus is accumulated by you.
5. Repair of Glass, Fibre, Plastic & Rubber Parts
A claim for only glass/plastic/rubber/fibre parts where you opt for repairs rather than replacement, at the authorized workshops/authorized dealers/authorized service stations will not be affected, if this add-on is purchased.
6. Loss of personal belongings
Loss of personal belonging covers the loss or damage to you and your family member’s personal belongings in the vehicle at the time of loss or damage to the vehicle.
7. Emergency Transport & Hotel Expenses
If your insured vehicle is immobilized after an accident then the ‘Emergency Transport & Medical Expenses’ add-on offers to pay for the cost of overnight stay and taxi charges for returning back to the place of residence or the nearest city you were travelling to. The cover is available for all vehicle ages.
8. Key Replacement
It will cover the cost of replacing your vehicle keys which are lost or stolen.
9. Courtesy / Hire Car
If the estimated time taken to repair your car is more than 24 hrs. or it is a claim for total loss/theft of an entire vehicle, then with a courtesy/hire car, you will not have to worry about your daily commute.
10. Engine Secure
This covers repair and replacement expenses for the loss or damage to internal parts of the engine and gearbox, transmission or differential assembly provided loss or damage is due to ingress of water in the engine or leakage of lubricating oil from engine /respective assembly i.e., material, which is used up and needs continuous replenishment such as engine oil, gearbox oil etc. but excluding fuel.
11. Tyres Secure
This covers the repair & replacement expenses arising out of accidental loss or damage to tyres & tubes only, without any damage to the insured vehicle, resulting in the bulge, puncture, burst, cut, or damage as specified below. Unused tread depth will be the basis of indemnity under this coverage as specified in the policy.
12. Consumable Expenses
This add-on covers the cost of consumables required to be replaced/replenished arising from the accident to the insured vehicle. Consumable for the purpose of this cover shall include engine oil, gearbox oil, lubricants, nut & bolt, screws, distilled water grease, oil filter, bearings, washers, clips, break oil, air conditioner gas and items of similar nature excluding fuel.
13. Roadside Assistance
This addon will cover the repair & towing assistance like service for flat tyres, flat batteries, repair on the spot, spare key, key retrieval / Service for Keys Locked Inside, Fuel Support (Emergency Fuel Delivery), arrangement of alternate vehicles and emergency towing assistance.
Two-Wheeler Insurance is also known as Motor Insurance (Two-Wheeler). The primary objective of Two-Wheeler Insurance is to provide financial protection to the vehicle owner against:
Vehicle insurance may additionally offer financial protection against
(i) Deliberate destruction or damage of the vehicle,
(ii) Weather or natural disasters, and
(iii) Damage sustained by colliding with stationary objects
Types of Two-wheeler Motor Insurance Coverages
This policy covers all types of vehicles plying on public roads such as: –
Package or Comprehensive Policy: Some Add On Products which you can opt for with Two -Wheeler Insurance:
1. Return to Invoice (RTI):
In this coverage, the financial shortfall between the amount you receive for loss or damage to the vehicle and the purchase price of the vehicle as confirmed in the invoice of sale OR the current replacement price of the new vehicle (in case the same make/model is available), whichever is less is covered under total loss. The company will also pay the first-time registration charges and road tax which was incurred on this two-wheeler.
2. Depreciation Allowance:
In this coverage, the amount of deprecation deducted on the value of parts replaced is covered under the own damages claim, under section 1 (own damage) of the policy. However, claims under depreciation cover will be limited to a maximum of the first 8 claims during the entire period of insurance. This cover is also available with deductible options of Rs.250, Rs.350 & Rs.450 with a suitable reduction of premium rate.
3. Additional Third-Party Property Damage Cover:
It provides additional protection against third-party property damage which is over and above what is covered under the policy. The maximum limit of one claim or series of claims arising out of one event /occurrence will be Rs.16 lacs. The additional limit offered to any insured for this add-on cover will be over and above standard coverage of Rs. 1 Lac and will go up to Rs. 16 Lacs in multiples of Rs.50,000.
4. Emergency Medical Expenses:
In the unfortunate event of an accident, the insurance company will reimburse emergency medical expenses incurred for the treatment of bodily injury/injuries sustained by the insured (policyholder)/driver/occupant in a hospital/nursing Home and reasonable ambulance charges for shifting the injured from the site of the accident to the hospital/ nursing home along with the cost of supporting items such as crutches, wheelchair, artificial limbs, etc. up to a maximum amount of Rs. 5,000 or 5% of the Sum Insured opted, whichever is less.
5. Additional Personal Accident Cover to Owner Driver:
In the unfortunate event of an accident resulting in death and injury to the owner-driver, this cover provides additional Personal Accident cover, in addition, to the coverage provided under the policy. The additional limit offered to any insured for this add-on cover will be over and above the standard coverage of Rs.15 Lacs.
6. Additional Personal Accident Cover to Unnamed Persons:
In the unfortunate event of an accident resulting in death and injury to any person driving the insured vehicle or travelling as an occupant, they will get protection for an additional amount in addition to the coverage provided under the policy. The additional limit offered to any insured for this add-on cover will be over and above standard coverage of Rs.1 Lac and will go up to Rs.15 Lacs.
7. Roadside Assistance:
This add-on will cover the repair & towing assistance like service for flat tyres, flat batteries, repair on the spot, spare key retrieval, fuel support (emergency fuel delivery), arrangement of alternate vehicle and emergency towing assistance.
Commercial Vehicle Insurance is also known as Motor Insurance (Commercial Vehicles). The primary objective of Commercial Vehicle Insurance is to provide financial protection to the vehicle owner against:
Vehicle insurance may additionally offer financial protection against
(i) Deliberate destruction or damage of the vehicle,
(ii) Weather or natural disasters, and
(iii) Damage sustained by colliding with stationary objects
Types of Commercial Vehicle Insurance Coverages
As per the Motor Vehicles Act, of 1988, it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties because of accidental death, bodily injury, or damage to property.
This policy covers all types of vehicles plying on public roads such as: –
Package or Comprehensive Policy: Some Add on Products which you can opt for with Commercial Vehicle Insurance:
1. Personal Accident Cover
If you don’t already have a PA cover, you can include it within your commercial insurance policy plan as having a personal accident cover is mandatory by law. This provides coverage for bodily injury or death of the owner-driver in case of an unfortunate accident.
2. Legal Liability
This cover has you protected against any legal liability that arises against you due to an injury caused to your employees/someone who works for you.
3. IMT 23
This cover helps cover for losses or damages to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged.
4. Electrical Accessories
This cover is for those who have fitted any electrical accessory in their vehicle, which is not a part of the manufacturer’s model, this will cover those accessories.
5. Non-Electrical Accessories
If you’ve fitted any non-electrical accessory in your vehicle which is not a part of the manufacturer’s model, this cover helps cover those accessories during damages and losses.
6. Special Exclusions & Compulsory Deductibles
Upon every loss, there will be a certain amount which you will have to pay as your share of the loss called the compulsory deductible. This will also in turn help reduce your premium. This will also cover the loss or damage to lamps, tyres, tubes, mudguards, bonnets, side part bumpers, headlights, and paintwork if your vehicle is completely damaged.
Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.
Personal Accident insurance provides financial coverage against unforeseen events arising due to accidents which may result into:
Benefits
Exclusions
However, a personal accident insurance plan does not cover injuries or death arising due to the below reasons.
Types of Personal Accident Insurance:
Travel Insurance is a type of insurance that covers different risks while travelling.
Travel Insurance is usually taken for international travel, and the cover starts from the day of travel till the time the traveller reaches back to India. Taking Travel Insurance ensures comprehensive coverage in case of any emergency in another country. It is also available for trips taken in the home country of the traveller, but it is a more popular option for travel abroad.
Types of Travel Insurance:
Regular Coverages:
Exclusions:
War, Commotion, War-like Situation
Home insurance is known by several names – house insurance, property insurance, building insurance, or homeowners’ insurance.
A home insurance policy offers protection to the structure and its contents of the house in the event of any physical destruction or damage incurred to the house or its contents. The damage or loss may either be caused by humans (theft, burglary, strike, riot, terrorism, etc.) or/and because of natural calamities (flood, storm, landslide, earthquake etc.).
Home insurance is an insurance policy that covers the costs and damage to your home or any insured property. It is a form of property insurance and one of the several types of general insurance products.
Benefits & Features of Home Insurance:
Home Insurance Policy Tenure:
Coverage | Policy Tenure |
Building Structure only | 1 to 10 Years |
Home Contents Only | 1 to 5 Years |
Building Structure and Home Contents | 1 to 10 Years |
Types of Home Insurance:
Exclusions:
Cyber fraud Insurance, in the given context, is insurance cover which protects the insured person (Insured Beneficiary) against any direct financial loss caused due to unauthorized digital financial transactions.
An unauthorized digital financial transaction means any electronic transaction/transfer from the Insured Beneficiary’s account done fraudulently to a Third Party’s account.
Various Important Terms
Identity Theft means any fraudulent or dishonest access to, usage, deletion, or alteration of the Insured Beneficiary’s Personal Data by a Third Party.
Cyber Attack means a targeted intrusion into the Insured Beneficiary’s Computer System:
Phishing/Spoofing is the attempt to obtain, inter alia, sensitive information of Insured Beneficiaries such as usernames, passwords, and card details, (and sometimes, money), often for malicious reasons, by masquerading as a trustworthy entity in an electronic communication.
SIM Jacking happens when a third party replaces a sim card issued to the Insured Beneficiary by a registered telecom service provider, without his/her knowledge and consent.
Exclusions:
Other
Vehicle insurance gives protection to the vehicle owner against damages to his/her vehicle and pays for any Third-Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory requirement. The owner of the vehicle is legally liable for any injury or damage to third-party life or property caused by or arising out of the use of the vehicle in a public place. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Vehicle Vehicles Act, of 1988.
No.
NCB will be allowed, if, the policy is renewed within 90 days of the expiry of the previous policy.
NCB may be granted on subsequent insurance, provided such fresh insurance is affected within 3 (three) years from the expiry of the previous insurance.
No, NCB shall be given only when the vehicle insured is replaced by a new vehicle of the same class.
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the SUM INSURED and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the side car(s) and/or Electrical/Non-Electrical accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed.
The policy can be taken anywhere in India only after a satisfactory pre-acceptance inspection of the vehicle.
Vehicle Third Party insurance is also known as a Liability Only policy, which is mandatory for all Vehicles. It provides coverage for the insured’s liability against death or injury to a Third Party and damage to Third Party property.
As per the Motor Vehicle Act of 1988, it is mandatory to have at least Vehicle Liability Only Policy for plying vehicles in the public place.
Your vehicle insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule).
Zero depreciation is an add-on cover and must be purchased by paying an additional premium. It offers complete coverage to your vehicle without factoring into depreciation. For instance, if your vehicle is badly damaged, then you don’t need to pay for any depreciation charges and will be eligible for the full claim amount subject to the terms and conditions of the policy.
Yes, owners of electric cars or cars fitted with CNG / LPG are also required to carry a valid car insurance policy. However, the premium charged can be slightly higher.
Comprehensive car insurance is a premium car insurance policy that offers complete protection to the parties involved in an accident including damages sustained by the insured car. The plan also covers damages sustained by the insured car due to natural/man-made risks such as earthquakes, cyclones, floods, fire breakouts, vandalism, riots, etc.
A vehicle insurance company conducts pre-policy inspection of cars, bikes, scooters, or trucks if: • There is a break-in insurance. • Third-party insurance must be converted to comprehensive insurance. • Imported cars or bikes must be insured. • Imported cars or bikes must be insured.
You can buy personal accident covers for the following people under your vehicle insurance policy: • Owner-driver • Passengers (both named and unnamed occupants) • Paid driver.